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Wednesday, Sep 4
Halliburton advances on Sterne Agee's favorable view
- Sterne Agee raises its 2013-15 earnings estimates for Buy-rated Halliburton (HAL +1.6%) and lifts its price target on HAL shares to $63 from $58.
- HAL's recent Dutch auction combined with $1B of Q2 share repurchases highlight management's willingness to return cash to shareholders aggressively, maximize value and illustrates its confidence in its financial position, the firm says.
- Also cited: HAL's robust international growth, strong return on capital and excellent leverage to North America as activity likely improves in 2014-15.